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Jan. 06, 2003
LG Electronics Chairman & CEO John Koo Announces Business Management Guidelines for 2003
LG Electronics Chairman & CEO John Koo Announces Business Management Guidelines for 2003
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- Mid term objectives include reaching sales of US$50 billion and operating profit rate of 10% by 2005∼ to become one of Global Top 3 in electronics and information communication by 2010
- Three mid-to-long term management directions include achieving “No. 1 LG” in strategic and core business areas, proactively responding to the network business environment, and identifying future growth engines
- Management guidelines for 2003 △ Secure and promote growth of No.1 businesses; △ Build foundation for future growth; △ Profit-oriented management; and △ Creating Corporate Culture that aspires to be No. 1
LG Electronics announced its management goals for achieving “No.1 LG.”
On January 2, LG Electronics held its ceremony for start of business for the New Year at LG Kangnam Tower in Seoul, Korea - the head office for its Information and Communication Company - with the participation of over 350 LGE representatives including Chairman & CEO John Koo and President Suck-Chun Jang of LGE Labor Union.
In his New Year remarks, Chairman Koo praised LGE employees thanking them for their hard work and dedication in allowing LGE exceed its business target last year. Adding, “In 2002, we achieved a solid performance that we can rightly be very proud of.”
“Such achievement is the fruit of our accumulated effort and capabilities that enabled us to build a corporate culture that put top priority on product quality, marketing competency, and innovation based on value creating exemplary labor-management relations. We are in other words, more than ready to challenge ourselves to reach the goal of No. 1 LG,” stressed Koo.
Chairman Koo also gave a presentation on the mid-to-long term business goals of LGE under the title of “Challenge Toward No. 1 LG” for the participating 350 plus LGE representatives at the New Year ceremony.
In addition to announcing the mid-to-long term management goal of realizing sales of US$50 billion and operating profit rate of 10% by 2005, for long term (2010) he asked LGE employees to steer their efforts to make the company one of the Top 3 companies in electronics and information and communications.
Emphasizing the need for effective balance between business strategy and corporate culture in realizing the goal of No. 1 LG, Chairman Koo presented three main directions for business management: △ Realizing the goal of “No. 1 LG’ in strategic and core business areas; △ Proactively responding to the network business environment; and △ Identify future growth engines.
◆ Realizing “No. 1 LG” in strategic and core business areas: In mobile handset, digital TV, LCD or PDP which LGE has identified as strategic and core business areas, LGE will become No. 1 at the earliest possible time to lead the growth of the CU (Culture Unit) and increase profitability.
◆ Proactively responding to the network business environment: In preparation of network business which is expected to mature in coming years, LGE will become the first mover in next generation mobile information devices and home network markets.
◆ Continuing to explore future growth engines: With information communication, display, and home appliance as three axis, LGE will continue to identify future growth engines to drive the growth of the CUs.
LGE will also continue to promote “LG-like Culture” which it started last year to create a corporate environment befitting a No. 1 company where it is fun and exciting to work, and where employees can pursue their goals with passion and confidence. LG-like culture is also a culture rooted in mutual trust and respect.
“In 2003, our corporate culture will encourage everyone to grow as the best expert of his or her field and expect to receive the best compensation befitting such efforts. LGE, in other words, will become the best place to work for the people with best talents,” stressed Chairman Koo.
LGE plans to focus on mobile handset and its business in China in 2003. It will also continue to expand core business areas like digital products led by PDP TV, air conditioner, DIOS refrigerator, and Drum washing machine.
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